| Schedule of Net Income (Loss) Per Share |
A reconciliation of net income (loss) attributable to Forward Air and weighted-average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
| Numerator: |
|
|
|
|
|
|
|
| Income (loss) from continuing operations |
$ |
9,120 |
|
|
$ |
(23,757) |
|
|
$ |
(274,934) |
|
|
$ |
(105,312) |
|
| Less: net loss from continuing operations attributable to noncontrolling interest |
(2,259) |
|
|
(7,507) |
|
|
(46,431) |
|
|
(25,842) |
|
| Income (loss) from continuing operations attributable to Forward Air |
11,379 |
|
|
(16,250) |
|
|
(228,503) |
|
|
(79,470) |
|
| Less: earnings allocated to participating securities from continuing operations |
(239) |
|
|
— |
|
|
— |
|
|
— |
|
| Net income (loss) attributable to common shareholders from continuing operations |
$ |
11,140 |
|
|
$ |
(16,250) |
|
|
$ |
(228,503) |
|
|
$ |
(79,470) |
|
|
|
|
|
|
|
|
|
| Loss from discontinued operations, net of tax |
$ |
— |
|
|
$ |
— |
|
|
$ |
(2,075) |
|
|
$ |
— |
|
| Less: net loss from discontinued operations attributable to noncontrolling interest |
— |
|
|
— |
|
|
(338) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable to common shareholders from discontinued operations |
$ |
— |
|
|
$ |
— |
|
|
$ |
(1,737) |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
| Basic weighted-average shares outstanding |
32,486 |
|
|
30,972 |
|
|
32,615 |
|
|
30,538 |
|
| Dilutive effect of securities |
39 |
|
|
— |
|
|
— |
|
|
— |
|
| Diluted weighted-average shares outstanding |
32,525 |
|
|
30,972 |
|
|
32,615 |
|
|
30,538 |
|
|
|
|
|
|
|
|
|
| Basic net income (loss) per share attributable to Forward Air: |
|
|
|
|
|
|
|
| Continuing operations |
$ |
0.34 |
|
|
$ |
(0.52) |
|
|
$ |
(7.01) |
|
|
$ |
(2.60) |
|
| Discontinued operations |
— |
|
|
— |
|
|
(0.05) |
|
|
— |
|
| Net income (loss) per basic share |
$ |
0.34 |
|
|
$ |
(0.52) |
|
|
$ |
(7.06) |
|
|
$ |
(2.60) |
|
|
|
|
|
|
|
|
|
| Diluted net income (loss) per share attributable to Forward Air: |
|
|
|
|
|
|
|
| Continuing operations |
$ |
0.34 |
|
|
$ |
(0.52) |
|
|
$ |
(7.01) |
|
|
$ |
(2.60) |
|
| Discontinued operations |
— |
|
|
— |
|
|
(0.05) |
|
|
— |
|
| Net income (loss) per diluted share |
$ |
0.34 |
|
|
$ |
(0.52) |
|
|
$ |
(7.06) |
|
|
$ |
(2.60) |
|
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The following securities were excluded from the calculation of net income (loss) per dilutive share as their impact would be anti-dilutive:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
| Stock options |
21 |
|
|
32 |
|
|
21 |
|
|
32 |
|
| Restricted shares |
592 |
|
|
62 |
|
|
697 |
|
|
328 |
|
| Performance shares |
224 |
|
|
104 |
|
|
497 |
|
|
93 |
|
| Total anti-dilutive securities |
837 |
|
|
198 |
|
|
1,215 |
|
|
453 |
|
|